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China shares end week mixed, metal firms strong
June 27, 2014 / 7:16 AM / in 3 years

China shares end week mixed, metal firms strong

HONG KONG, June 27 (Reuters) - China shares ended mixed on Friday but recouped some early losses as gains in growth-sensitive metal producers offset a weaker insurance sector.

The Shanghai Composite Index inched down 0.1 percent to 2,036.51 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings added 0.1 percent.

For the week, they rose 0.5 and 0.6 percent, respectively.

The ChiNext of mostly high-tech start-ups listed in Shenzhen posted its best weekly gain in five, advancing 5.2 percent, benefiting from the resumption of initial public offerings which helped divert money to growth stocks.

Chinese insurers weighed on the index. Ping An Insurance Group Co of China shed 1.0 percent, while China Pacific Insurance Group slid 2.8 percent, extending losses after closing at its highest this year on Tuesday.

In a research note dated June 19, Nomura reiterated its bearish stance on the sector, citing concerns about the insurers’ exposure to debt-investment plans.

But steel and non-ferrous metal companies outperformed on a steadier economic outlook. Inner Mongolia BaoTou Steel Union climbed 2.6 percent, and Baoshan Iron & Steel 2.5 percent.

Jiangxi Ganfeng Lithium jumped 6.5 percent and Henan Mingtai Al.Industrial 3.8 percent. (Reporting by Grace Li; Editing by Kim Coghill and Jacqueline Wong)

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